OFX Review: Fees, Minimums, and Licenses

OFX is a currency-transfer firm. The U.S. site sends international payments from a local bank payment into OFX, then out to a recipient account in another currency. The company is listed on the Australian Securities Exchange under the ticker OFX.

The figures in this review are the ones OFX published on its own help pages in October 2026. A quoted exchange rate on a single transfer is not repeated here, because OFX prices that rate per transfer.

What the product is structurally

OFX is a regulated payments and foreign-exchange business, not a bank that takes retail deposits. The about page says the group is regulated by more than 50 regulators. Named registrations include ASIC licence 226 484 for OzForex Limited, UK FCA e-money institution 902028 for UKForex Limited, NMLS 1021624 for USForex Inc., and Central Bank of Ireland reference C190174 for OFX Payments Ireland Limited.

The transfer model uses local accounts. A sender pays OFX in the sending country. OFX pays the recipient from an account in the receiving country, or by a wire when the corridor uses one. That structure avoids a customer-initiated SWIFT wire on every transfer. It does not remove SWIFT from every payout. OFX’s about page says the company is listed on the Australian Stock Exchange under the ticker OFX, and that it is regulated by more than 50 regulators. Named registrations include ASIC (OzForex Limited, AFS Licence 226 484), the UK FCA (UKForex Limited, e-money institution 902028), FinCEN plus US state money-transmitter licenses (USForex Inc., NMLS 1021624), and the Central Bank of Ireland (OFX Payments Ireland Limited, C190174). Unlike purely automated platforms, OFX says it offers 24/7 human support for complex or high-value transactions.

OFX also books forward contracts and limit orders on the exchange rate. Those are contracts on the rate, separate from the spot transfer.

The firm is a regulated broker of currency transfers. The customer balance, when there is one, is a transfer in progress rather than a demand deposit.

How it works in practice

A sender opens an account and completes identity checks. The sender then books a transfer at a rate OFX offers.

Funding is a payment to OFX in the sending country. The international leg is OFX’s payment to the recipient.

A forward contract locks a rate for a later date. OFX’s forward-contract page says that window runs up to 12 months. The contract is booked by phone and cannot be terminated once booked. An advance payment is normally 5% on a corporate account and 10% on a personal account. The U.S. site also lists limit orders next to spot transfers. The pages fetched here do not spell out the trigger price.

Once a forward is booked, OFX’s forward page says it cannot be terminated. The funds have to be sent by the maturity date.

The transfer is booked, funded locally, and paid out by OFX. The sender does not send a personal SWIFT instruction to the recipient’s bank.

Forward Contracts: Allows users to lock in an exchange rate for a payment from two days to 12 months ahead. OFX’s US help center says these contracts typically start at US$10,000, as of October 2026.
Limit Orders: Users can set a target rate; if the market hits that rate, the transfer is automatically triggered.
Recurring Payments: Simplifies regular international commitments like mortgage payments or tuition fees.

Fees and pricing mechanics

OFX in the United States says it does not charge a transfer fee. The UK and Ireland fee pages say the same. The revenue on those corridors is the margin between the mid-market rate and the rate OFX books.

Other OFX sites publish a fee below a threshold. As of October 2026, the Canada fee page charges CA$15, or the foreign-currency equivalent, on a transfer under CA$10,000, and says a conversion is normally free of that fee. New Zealand lists NZ$12 under NZ$10,000. Hong Kong lists HK$60 under HK$50,000. Australia charges AU$15 under AU$10,000 for clients who are not on the Australia Business Platform, and AU$10 per SWIFT payment for clients who are.

A recipient bank or an intermediary can deduct its own fee. OFX says it does not receive that deduction.

The U.S. price is a rate margin with no OFX transfer fee. Several other countries add a flat fee under a published threshold.

Limits, eligibility, and availability

OFX’s U.S. site offers accounts to individuals and businesses. Fee pages also exist for Canada, the UK, Ireland, Australia, New Zealand, and Hong Kong.

The U.S. minimum for major currencies is US$150. OFX says the floor is there so a receiving fee does not leave the recipient owing money on a small payment. The U.S. pages fetched in October 2026 do not print a maximum.

Transfer Fees: As of October 2026, OFX United States says there are no transfer fees. The UK and Ireland fee pages say the same. OFX Canada says it does not normally charge a fee when a transfer needs a currency conversion, and charges CA$15, or the foreign-currency equivalent, on any transfer under CA$10,000. As of October 2026, OFX New Zealand charges NZ$12 under NZ$10,000, and OFX Hong Kong charges HK$60 under HK$50,000. OFX Australia says Australia Business Platform payments that go out via SWIFT carry an AU$10 payment fee.
Exchange Rate Markup: OFX generates its primary revenue by adding a margin to the mid-market exchange rate. The US personal page says high-value and corporate transfers can receive a customised rate, as of October 2026.
Third-Party Fees: While OFX uses local accounts to minimize costs, an intermediary bank or the recipient’s bank may deduct a fee from the transfer. OFX says it receives no portion of that fee.

Limits, eligibility, and availability

OFX is available to residents and businesses in the US, Canada, UK, EU, Australia, New Zealand, Hong Kong, and Singapore. As of October 2026, the US personal page says OFX sends in 50+ currencies to more than 180 countries. The US currencies FAQ says 50+ currencies to 170+ countries.

OFX’s US help center says it does not enforce a maximum transfer limit, though the sender’s bank may. The US minimum for major currencies is US$150, as of October 2026. OFX says that floor is there so a receiving fee does not leave the recipient owing money on a small payment.

The U.S. site says global payments cover 30 or more currencies and more than 180 countries. A separate line on the same site says payments run across more than 180 countries.

The recipient bank can still post the money after OFX sends it. The U.S. pages fetched in October 2026 do not print one delivery-day count for every corridor.

Eligibility is a country site plus identity checks. The US$150 minimum is a U.S. help-center statement. A maximum is not on the pages fetched with it.

Tradeoffs, risks, or limitations

The booked rate is a contract. Cancelling after the booking can leave a close-out cost. That cost is separate from the transfer fee, which is zero on the U.S. page.

The exchange-rate margin is not published as one percentage. A sender sees the rate for that booking. Comparing two bookings requires two quotes. OFX does not print a standing markup schedule on the U.S. fee page.

Settlement Speed: While OFX is efficient, the total time depends on the banking clears in both the source and destination countries. OFX says that, in most cases, funds reach the recipient in 1 to 2 business days, and that a transfer can also take 1 to 3 days. That can be slower than wallet-to-wallet services.
Identity Verification Rigor: Because it handles high-value institutional flows, the onboarding process is more rigorous than for standard consumer apps. Documentation requirements for businesses or trust accounts can be extensive.
Less Competitive for Small Sums: On corridors with no OFX transfer fee, the exchange-rate margin is the main cost. In Canada, New Zealand, and Hong Kong, a flat fee applies under the thresholds above.

A booked forward can require a further deposit if the rate moves. OFX’s forward page calls that a margin call. Wallet services that pay a mobile wallet the same day are a different rail. Remittance describes that split between prefunded local payouts and account transfers.

Country sites do not share one fee. A sender who reads only the U.S. “no transfer fee” line will not see the Canada, New Zealand, Hong Kong, or Australia SWIFT fees.